Shree Ganesh Jewellery House Ltd IPO

The Initial Public Offering (IPO) of Shree Ganesh Jewellery House Limited has opened for subscription by investors today - March 19, 2010.

The Rating Agency CARE has assigned IPO Grading of Care IPO Grade 3. Axis Bank Limited, ICICI Securities Limited and Avendus Capital Private Limited are the Book Running Lead Managers to the IPO.

Enam Securities Private Limited, Ashika Stock Broking Limited, Prabhudas Lilladhar Private Limited and Reliance Securities Limited are the Syndicate Members to the issue.

Shree Ganesh Jewelery House Limited is one of the largest manufacturers and exporters of handcrafted gold jewellery in India. Company’s products include handcrafted and hallmarked gold jewellery, gold enameled jewellery and gold jewellery studded with precious stones such as diamonds, rubies, emeralds, sapphires, pearls, etc. and semi-precious stones such as garnet, cubic zirconium, etc.

There portfolio includes rings, earrings, pendants, bracelets, necklaces, bangles and medallions. Shree Ganesh also plans to set up units in Dubai and Singapore and expand its export footprint into new geographies such as Europe, Australia and Africa. The Middle East, Singapore and Hong Kong are the major export markets for the firm.

Registered Office Address ;413, Vardaan Market, 25A, Camac Street, Kolkata - 700 016
Email investors@sgjhl.com

Website http://www.sgjhl.com/

Issue Open 19-Mar-2010

Issue Close 23-Mar-2010

Issue Size 1,42,69,831 Equity Shares

Issue Type Book Building

Face Value Rs.10/-

Price Range Rs. 260/- to Rs. 270/-

Tick Size Re.1/-

Market Lot 25

Minimum Order Qty 25

Listing Stock Exchange Mumbai, NSE

Registrar To The Issue Link Intime India Pvt. Ltd.

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Persistent Systems Details

Persistent Systems Limited (PSL) is one of the market leaders in Outsourced software Product Development (OPD) services. It designs, develops and maintains software systems and solutions, create new applications and enhance the functionality of its customers’ existing software products.

Issue Details;
Listing NSE & BSE
Offer Open date 17th March 2010
Offer Close date 19th March 2010
Promoter Dr. Anand Deshpande
Price Band 290-310
Industry IT

Equity shares prior to issue (Cr) 3.6
Shares offered (Cr) 0.4
Equity shares post Issue (Cr) 4.0
Shareholding Pre Issue Post Issue
Promoters 43.3 38.9
Others 56.7 61.1
Total 100.0 100.0


One of the leading players in the OPD segment

PSL is an OPD specialty company, offering its customers the benefits of offshore delivery. Over the past five years, it has contributed to more than 3,000 product releases for its customers. It has been recognized as one of the leading technology companies in the Deloitte Touche Tohmatsu Technology Fast 500 Asia Pacific 2009.

Offers full product development services including value addition

It provides a broad range of services to its customers that support their software products throughout the full product life-cycle. These offerings are suitable for companies of all sizes. Its services range from research and prototyping, development and testing, consulting services and deployment, and support and maintenance

Backed by strong financial;

Over a three-year time frame, Persistent Systems has seen its revenues grow at a compounded annual rate of 40 per cent to Rs 600.6 crore in 2009, while net profits grew at 22.3 per cent to Rs 66.9 crore. It also has been enjoying net margins in excess of 16 per cent consistently over the last several years, barring 2008-09, when it was hit by a 170 per cent increase in operating and other expenses

Key Concern: Tax burden to increase beyond FY11;

If the tax exemption under STPI scheme is not renewed beyond FY11, Persistent’s tax as a percentage of profit before tax is likely to jump to 20-25 % from less than 10% now. It may reduce its net margin by over 100 bps. To mitigate this impact, the company has decided to invest in its SEZ in Hyderabad. New projects will be executed from the SEZ unit, which would enjoy tax exemption,

Valuation & Recommendation;

At the higher end of the price band i.e. at Rs 310, PSL is available at an attractive P/E of 11.7 based on annualized profit of the first nine months of 2009 and post IPO equity. Being a pure play OPD company & the segment also poised for healthy growth over the next few years, we recommend a SUBSCRIBE on the company for listing gains as well as for a medium to long term horizon.

Company Background;

Persistent Systems Limited (PSL) is one of the market leaders in Outsourced software Product Development (OPD) services. It is an OPD specialty company, offering its customers the benefits of offshore delivery. It designs, develops and maintains software systems and solutions, create new applications and enhance the functionality of its customers’ existing software products.

Its OPD services allow its customers to release management bandwidth, to reduce time-to-market,
improve the quality of their products, reduce risk of failure during the engineering development process, improve predictability and reliability of the engineering process, while helping them lower their over-all product engineering costs. It has depth of experience in the focused areas of telecommunications, life sciences and infrastructure. It has invested and plans to continuously invest in new technologies and frameworks in the areas of cloud computing, analytic, enterprise collaboration and enterprise mobility. Its customers range from several global software companies to early-stage companies that are developing. As of December 31, 2009, it has over 37 customers that have over $1 billion in annual revenue. It has already built a team of more than 3,700 software professionals well versed in the product development process.

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Persistent Systems IPO

Persistent Systems, the Pune-based software firm has revived its plans for an IPO, The Anand Deshpande is a founder and CMD of the company,


it has been ranked as one of the fastest-growing companies on the Deloitte Technology Fast 500 Asia Pacific 2009 list. The ranking is based on percentage revenue growth over three years.


The company had net profit of around Rs 55.5 crore on revenues of Rs 314.4 crore for the year ended March 2007.


About Persistent Systems

Established in 1990, Persistent Systems is recognized as an award-winning technology company specializing in software product development services. With 4,200+ employees, innovative business models, and reusable assets and frameworks,Persistent Systems has delivered over 2,400 software product releases to their 175+ customers in the last six years. For more information, please visit: www.persistentsys.com

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The US government is preparing to sell its 27% stake in Citigroup

The US government is preparing to sell its 27% stake in Citigroup, in what would be one of the largest share sales in history. Some 7.7 billion shares in the bailed-out bank will be sold in tranches throughout 2010, the US Treasury said.
It will mark another stage in Wall Street's recovery, and could make the US taxpayer $8bn (£5.3bn) in profit. Citigroup, which has posted more than $100bn in write-downs, required three government rescues in 2008 and 2009. At Citigroup's opening share price of $4.39 on Monday, the Treasury's stake would be worth just over $33bn, giving an $8bn profit to the US taxpayer.
CITIGROUP INC. Last updated: 29 Mar 2010, 20:57 UK *Chart shows local time price change % 4.18 -0.13 -3.02 More data on this share price The bank has received a total of $45bn in bail-out money from the Treasury's $700bn Troubled Asset Relief Program (Tarp).
It was the largest amount given to a bank (and was equal to the sum given to Bank of America). Citigroup was given $25bn in return for 7.7 billion in shares, and was loaned another $20bn in two tranches.
This $20bn was repaid in December. The bank, once one of America's most illustrious financial institutions, has seen its share price collapse 90% since late 2006 as fears about its financial health grew. Its shares fell after the Treasury confirmed the sale, falling 4% to $4.11. Before the credit crisis they were worth more than $50.
Morgan Stanley has been chosen to underwrite and advise on the sale, though the US Treasury emphasised that the disposal was subject to market conditions.
A Treasury statement said that it "intends to sell its Citigroup common shares into the market through various means in an orderly and measured fashion". It is thought that the share sales will begin after Citigroup reports its results next month.
Analyst Greg Valliere of Soleil Securities said a profitable exit of the government's stake in Citi would be a "great PR victory for the Obama administration". "There are many skeptics who never thought this day would come," he added.
Taxpayer money Citi follows other Wall Street banks, including Goldman Sachs and Bank of America, who have repaid the government investment. Although the bank rescues now seem likely to be profitable, BBC economics correspondent Andrew Walker says, other financial aid will probably cost the taxpayer money, including the insurer AIG and the carmakers General Motors and Chrysler.
According to the latest official report on the state of Tarp at the end of 2009, 67 recipients had repaid all or part of their bail-out money, totalling more than $165.2bn.
The Treasury had also received by the end of December $16.9bn in additional payments such as interest and dividends on its investments. -0.13 -3.02 More data on this share price The bank has received a total of $45bn in bail-out money from the Treasury's $700bn Troubled Asset Relief Program (Tarp).
It was the largest amount given to a bank (and was equal to the sum given to Bank of America). Citigroup was given $25bn in return for 7.7 billion in shares, and was loaned another $20bn in two tranches.
This $20bn was repaid in December. The bank, once one of America's most illustrious financial institutions, has seen its share price collapse 90% since late 2006 as fears about its financial health grew.
Its shares fell after the Treasury confirmed the sale, falling 4% to $4.11. Before the credit crisis they were worth more than $50. Morgan Stanley has been chosen to underwrite and advise on the sale, though the US Treasury emphasised that the disposal was subject to market conditions. A Treasury statement said that it "intends to sell its Citigroup common shares into the market through various means in an orderly and measured fashion". It is thought that the share sales will begin after Citigroup reports its results next month.
Analyst Greg Valliere of Soleil Securities said a profitable exit of the government's stake in Citi would be a "great PR victory for the Obama administration". "There are many skeptics who never thought this day would come," he added.
Taxpayer money Citi follows other Wall Street banks, including Goldman Sachs and Bank of America, who have repaid the government investment. Although the bank rescues now seem likely to be profitable, BBC economics correspondent Andrew Walker says, other financial aid will probably cost the taxpayer money, including the insurer AIG and the carmakers General Motors and Chrysler.

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According to the latest official report on the state of Tarp at the end of 2009, 67 recipients had repaid all or part of their bail-out money, totalling more than $165.2bn. The Treasury had also received by the end of December $16.9bn in additional payments such as interest and dividends on its investments.

source: BBC news